05-20 HRA Resolution No. 1332
HRA RESOLUTION NO. 1332
RESOLUTION ADOPTING A MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR THE LYNDALE GARDENS TAX INCREMENT
FINANCING DISTRICTS WITHIN THE RICHFIELD REDEVELOPMENT
PROJECT AREA
WHEREAS
, the City of Richfield (the “City”) has established the Richfield
Redevelopment Project Area and adopted the Redevelopment Plan therefor and established
therein the Lyndale Gardens Tax Increment Financing District and adopted a Tax Increment
Financing Plan (the Plan) therefor. It has been proposed that the Richfield Housing and
Redevelopment Authority (the "HRA") adopt a Modification to the Tax Increment Financing Plan
(the "Modification") for the Lyndale Gardens Tax Increment Financing District (the "District"), all
pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections
469.001 to 469.047, and Sections 469.174 to 469.1799, inclusive, as amended (the "Act"), all as
reflected in the Plans and presented for the Board's consideration; and
WHEREAS
, the HRA has investigated the facts relating to the Modification and has
caused the Modification to be prepared; and
WHEREAS
, the HRA has performed all actions required by law to be performed prior to
the adoption and approval of the proposed Modification. Because of the nature of this
modification, and because this Modification does not entail an enlargement of geographic area,
an increase in the amount of bonded indebtedness, an increase to the amount of interest on
debt, an increase in the portion of the captured net tax capacity, or an increase in the total
estimated tax increment expenditures, this modification is not subject to a public hearing
requirement.
NOW, THEREFORE, BE IT RESOLVED
by the Board as follows:
1. The HRA hereby reaffirms that the District as modified herein is in the public interest
and is a "redevelopment district" under Minnesota Statutes, Section 469.174, subd.
10 (a)(2); that the proposed redevelopment would not occur solely through private
investment within the reasonably foreseeable future, that the increased market value
on the site that could reasonably be expected to occur without the use of tax
increment financing would be less than the increase in the market value estimated to
result from the proposed development after subtracting the present value of the
projected tax increments for the maximum duration of the Lyndale Gardens TIF
District permitted by the Tax Increment Financing Plan; that the Modified Plan
conforms to the general plan for the development or redevelopment of the City as a
whole; and that the Modified Plan will afford maximum opportunity consistent with the
sound needs of the City as a whole, for the development of the Lyndale Gardens
TIF District by private enterprise.
2. The HRA further finds that the Modifications will afford maximum opportunity,
consistent with the sound needs for the City as a whole, for the development or
redevelopment of the project area by private enterprise in that the intent is to provide
only that public assistance necessary to make the private developments financially
feasible.
HRA Resolution No. 1332
3. Conditioned upon the approval thereof by the City Council, the Modification, as
presented to the HRA on this date, is hereby approved and adopted and shall be
placed on file in the office of the Community Development Director.
4. Upon approval of the Modifications by the City Council, the Community Development
Director is authorized and directed to forward a copy of the Modification to the
Minnesota Department of Revenue and Office of the State Auditor pursuant to
Minnesota Statutes 469.175, Subd. 4a.
5. The Community Development Director is authorized and directed to forward a copy
of the Modification to the Hennepin County Auditor and request that the Auditor
certify the original tax capacity of the District as described in the Modifications, all in
accordance with Minnesota Statutes 469.177.
Approved by the Board of Commissioners of the Richfield Housing and Redevelopment
Authority this 20th day of May 2019.
Mary B. ppTe, Chair
Erin Vrieze D els, Secreta
HRA Resolution No. 1332
Exhibit A
Budget
Adopted Modified Modified
Use of Tax Increment FundsAugust 9, 2011October 17, 2011
March 19, 2019
Land / Building Acquisition3,000,0003,200,0003,466,559
Site Improvements / Preparation351,0002,416,0002,159,441
Utilities0080,000
Other Qualifying Improvements15,00015,0000
Costs Outside District2,340,00075,0000
Administrative Costs (up to 10%)1,560,0001,560,0001,560,000
Project Cost Total7,266,0007,266,0007,266,000
Interest8,334,0008,334,0008,334,000
Project and Interest Costs Total15,600,00015,600,00015,600,000
HRA Resolution No. 1332